Autodesk?s shares plummeted 10 per cent today following the company?s profits warning for its fiscal third quarter.
The move comes only days after the computer-aided design applications supplier said that it intended to buy Discreet Logic for $250 million. The firm develops graphics software for films, broadcast production and the Web, but the move also caused Autodesk?s shares to fall 17 per cent.
Christine Tsingos, Autodesk?s treasurer, said she expected third quarter revenues to fall short of the second quarter?s $186.6 million by between $15 million to 20 million due to poor sales in the troubled Asia-Pacific region. As a result earnings per share are likely to be five to 10 cents less than earlier forecasts.
While she added that the supplier expects to see a "definite increase" for the fourth quarter compared to the second and third quarters, she said the Asian problem was unlikely to improve for the next year.
The announcement caused Autodesk?s shares to fall $2 13/16 to a 52 week low of $24 5/8. Its shares hit a high of $51 1/8 in October last year and were trading at $35 earlier this month.
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